One source of the supply of dollars in the world is
A) the purchase of U.S. exports by foreign residents.
B) the sale of U.S. domestic assets to foreigner residents.
C) U.S. imports of foreign merchandise.
D) U.S. sales of gold to foreigner residents.
Answer: C
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The circular flow model shows that: a. households are on the demand side of the resource market
b. firms are on the demand side of both the product and resource markets. c. households are on the supply side of the resource market and the demand side of the product market. d. firms and governments are on the supply side of the loanable funds market. e. governments are on the demand side of the product market and the supply side of the resource market.
If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Aggregate demand rises, but aggregate supply does not change. b. Aggregate demand falls, and aggregate supply rises. c. Aggregate demand and aggregate supply rise. d. Aggregate demand and aggregate supply fall. e. None of the above.
An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when the:
A. supply of the product is relatively less elastic than demand. B. supply of the product is relatively more elastic than demand. C. tax is collected from the buyers. D. tax is collected from the sellers.
Which of the following transactions is included in the GDP?
A. giving your friend a gift worth of $20 B. cleaning your own house C. paying a doctor for a medical checkup D. selling your 2018 Tesla vehicle